Sadirat deepens 9M 2024 net loss to SAR 12.4M; Q3 at SAR 3.3M

Sadirat deepens 9M 2024 net loss to SAR 12.4M; Q3 at SAR 3.3M

10/11/2024 Argaam Exclusive

View other reports

Saudi Industrial Export Co. (Sadirat) deepened its net losses to SAR 12.4 million for the first nine months of 2024, compared to SAR 11 million in the year-earlier period.



Financials (M)

Item 9m 2023 9m 2024 Change‬
Revenues 12.62 22.98 82.1 %
Gross Income (0.35) (2.95) (743.7 %)
Operating Income (12.18) (15.88) (30.4 %)
Net Income (10.98) (12.41) (13.0 %)
Average Shares 194.40 194.40 -
EPS (Riyals) (0.06) (0.06) (13.0 %)

The wider losses were due to a drop in realized and unrealized gains from investments at fair value, paired with lower returns on bank deposits and the allocation of a Zakat provision.

 

This was despite the year-on-year (YoY) revenue hike amid contracting with new customers, not to mention the reduction in general and administrative (G&A) expenses for 9M 2024.

 

However, Q3 2024 net loss stood at SAR 3.3 million, tightening by 61.6% from SAR 8.64 million in Q3 2023, driven by lower G&A expenses and the reversal of a provision for expected credit losses.

 

On a quarterly basis, net loss narrowed from SAR 9.62 million in Q2 2024, although the third-quarter revenues declined quarter-on-quarter (QoQ).



Current Quarter Comparison (M)

Compared With The
Item Q3 2023 Q3 2024 Change‬
Revenues 5.46 0.25 (95.4 %)
Gross Income 0.09 (0.06) (163.3 %)
Operating Income (8.99) (1.27) 85.8 %
Net Income (8.64) (3.32) 61.6 %
Average Shares 194.40 194.40 -
EPS (Riyals) (0.04) (0.02) 61.6 %

Total shareholders’ equity, no minority interest, stood at SAR 132.04 million by Sept. 30, 2024, compared to SAR 149.04 million in the prior-year period.

 

Accumulated losses at the end of 9M 2024 amounted to SAR 62.87 million, representing 32.34% of the company’s capital.

View more financial results

 


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2015 132.16 (30.7 %) 1.18 (66.1 %) 0.02 (98.9 %)
Q2 2015 137.94 8.5 % 2.18 30.9 % 1.13 111.5 %
Q3 2015 202.10 70.8 % 3.71 156.8 % 2.35 435.5 %
Q4 2015 116.84 (13.7 %) 0.28 (68.2 %) (1.00) (494.9 %)
Q1 2016 1.30 (99.0 %) 0.84 (28.3 %) (0.27) (1222.2 %)
Q2 2016 0.22 (99.8 %) 0.12 (94.6 %) (1.76) (256.3 %)
Q3 2016 0.33 (99.8 %) 0.19 (95.0 %) (1.24) (152.6 %)
Q4 2016 (1.23) (101.1 %) (0.83) (398.9 %) (3.51) (250.9 %)
Q1 2017 0.23 (82.3 %) 0.15 (82.1 %) (1.56) (472.4 %)
Q2 2017 0.33 51.4 % 0.09 (25.4 %) (2.97) (68.5 %)
Q3 2017 11.63 3381.4 % 0.29 55.1 % (1.69) (36.3 %)
Q4 2017 7.04 673.2 % (3.05) (267.3 %) (5.60) (59.4 %)
Q1 2018 8.14 3440.0 % 0.79 423.2 % (1.41) 9.5 %
Q2 2018 32.09 9711.9 % 1.98 2147.7 % 0.35 111.8 %
Q3 2018 51.54 343.2 % 0.97 234.1 % (0.61) 63.9 %
Q4 2018 26.51 276.6 % (2.72) 11.0 % (5.83) (4.1 %)
Q1 2019 18.22 123.8 % 0.28 (64.2 %) (1.66) (17.5 %)
Q2 2019 5.93 (81.5 %) 0.25 (87.3 %) (3.33) (1051.0 %)
Q3 2019 21.77 (57.8 %) (3.41) (451.6 %) (4.91) (707.1 %)
Q4 2019 22.33 (15.8 %) (11.27) (315.2 %) (15.23) (161.1 %)
Q1 2020 11.34 (37.8 %) 0.26 (9.9 %) (1.26) 24.2 %
Q2 2020 12.37 108.7 % 0.38 49.4 % (11.28) (238.9 %)
Q3 2020 11.31 (48.0 %) 1.68 149.2 % 4.59 193.5 %
Q4 2020 - - (0.37) 96.7 % (4.63) 69.6 %
Q1 2021 7.90 (30.3 %) 0.31 20.0 % (2.31) (83.3 %)
Q2 2021 4.17 (66.3 %) 0.14 (63.2 %) (1.87) 83.5 %
Q3 2021 3.39 (70.1 %) 1.05 (37.7 %) (2.02) (144.1 %)
Q4 2021 0.33 - 0.53 243.6 % (8.58) (85.5 %)
Q1 2022 0.06 (99.2 %) 0.06 (79.4 %) (5.04) (118.3 %)
Q2 2022 0.04 (99.0 %) 0.04 (68.8 %) (8.16) (337.3 %)
Q3 2022 0.08 (97.8 %) 0.05 (95.0 %) 1.88 193.1 %
Q4 2022 0.09 (74.6 %) 0.09 (84.0 %) (4.65) 45.8 %
Q1 2023 4.33 6779.4 % 0.34 431.7 % (4.17) 17.3 %
Q2 2023 2.82 6465.1 % (0.78) (1911.6 %) (5.89) 27.8 %
Q3 2023 5.46 7180.0 % 0.09 73.1 % (8.99) (577.3 %)
Q4 2023 0.61 621.2 % 0.02 (82.4 %) (5.65) (21.4 %)
Q1 2024 3.91 (9.8 %) 0.15 (54.0 %) (5.66) (35.8 %)
Q2 2024 18.82 566.6 % (3.05) (291.4 %) (8.95) (52.0 %)
Q3 2024 0.25 (95.4 %) (0.06) (163.3 %) (1.27) 85.8 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2015 0.16 (90.4 %) 0.00 - 0.16 0.00
Q2 2015 0.79 52.8 % 0.01 - 0.79 0.01
Q3 2015 1.89 589.2 % 0.01 - 1.89 0.01
Q4 2015 (102.30) (1.0 %) (0.76) (100.96) (1.34) (0.01)
Q1 2016 (0.47) (387.4 %) 0.00 - (0.47) 0.00
Q2 2016 (0.46) (158.0 %) 0.00 - (0.46) 0.00
Q3 2016 (9.27) (591.2 %) (0.07) (7.12) (2.15) (0.02)
Q4 2016 (3.39) 96.7 % (0.03) - (3.39) (0.03)
Q1 2017 (1.80) (282.5 %) (0.01) - (1.80) (0.01)
Q2 2017 (13.23) (2,788.3 %) (0.10) (10.72) (2.52) (0.02)
Q3 2017 (10.63) (14.6 %) (0.08) (8.51) (2.12) (0.02)
Q4 2017 (85.33) (2,418.2 %) (0.64) (81.73) (3.59) (0.03)
Q1 2018 12.61 801.5 % 0.09 14.05 (1.44) (0.01)
Q2 2018 0.32 102.4 % 0.00 - 0.32 0.00
Q3 2018 (0.38) 96.5 % 0.00 - (0.38) 0.00
Q4 2018 (6.13) 92.8 % (0.04) (0.23) (5.90) (0.04)
Q1 2019 (8.53) (167.6 %) (0.05) (6.86) (1.67) (0.01)
Q2 2019 (3.28) (1122.1 %) (0.02) - (3.28) (0.02)
Q3 2019 1.98 627.4 % 0.01 6.86 (4.88) (0.03)
Q4 2019 (16.13) (163.3 %) (0.10) - (16.13) (0.10)
Q1 2020 0.22 102.6 % 0.00 - 0.22 0.00
Q2 2020 (11.55) (252.0 %) (0.07) - (11.55) (0.07)
Q3 2020 3.59 81.1 % 0.02 - 3.59 0.02
Q4 2020 (5.44) 66.3 % (0.03) - (5.44) (0.03)
Q1 2021 (2.64) (1288.4 %) (0.02) - (2.64) (0.02)
Q2 2021 (1.87) 83.8 % (0.01) - (1.87) (0.01)
Q3 2021 (2.20) (161.2 %) (0.01) - (2.20) (0.01)
Q4 2021 (8.23) (51.3 %) (0.05) - (8.23) (0.05)
Q1 2022 (4.88) (84.5 %) (0.03) - (4.88) (0.03)
Q2 2022 (7.93) (323.8 %) (0.04) - (7.93) (0.04)
Q3 2022 (5.33) (142.7 %) (0.03) (6.62) 1.29 0.01
Q4 2022 (2.95) 64.1 % (0.02) 3.54 (6.49) (0.03)
Q1 2023 (1.72) 64.8 % (0.01) - (1.72) (0.01)
Q2 2023 (0.62) 92.2 % 0.00 - (0.62) 0.00
Q3 2023 (8.64) (62.1 %) (0.04) - (8.64) (0.04)
Q4 2023 (4.63) (56.7 %) (0.02) - (4.63) (0.02)
Q1 2024 0.53 130.9 % 0.00 - 0.53 0.00
Q2 2024 (9.62) (1,452.9 %) (0.05) - (9.62) (0.05)
Q3 2024 (3.32) 61.6 % (0.02) - (3.32) (0.02)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2015 1.01 % 0.17 % 0.12 %
Q2 2015 1.08 % 0.28 % 0.17 %
Q3 2015 1.31 % 0.56 % 0.41 %
Q4 2015 1.25 % 0.43 % 0.26 %
Q1 2016 1.53 % - 0.19 %
Q2 2016 1.54 % (0.21 %) (0.12 %)
Q3 2016 1.20 % (3.53 %) (3.72 %)
Q4 2016 50.88 % (1065.92 %) (1038.76 %)
Q1 2017 83.71 % 1,753.10 % 1,740.85 %
Q2 2017 120.18 % 2,665.88 % 2,925.16 %
Q3 2017 (2.76 %) (86.06 %) (89.65 %)
Q4 2017 (13.12 %) (59.88 %) (52.17 %)
Q1 2018 (6.94 %) (41.88 %) (35.65 %)
Q2 2018 0.01 % (13.77 %) (11.61 %)
Q3 2018 0.69 % (7.18 %) (5.15 %)
Q4 2018 0.86 % (6.10 %) (6.25 %)
Q1 2019 0.40 % (5.82 %) (5.94 %)
Q2 2019 (1.19 %) (10.83 %) (10.98 %)
Q3 2019 (7.72 %) (21.12 %) (21.71 %)
Q4 2019 (20.73 %) (36.27 %) (38.04 %)
Q1 2020 (23.10 %) (39.57 %) (39.23 %)
Q2 2020 (20.72 %) (47.44 %) (47.69 %)
Q3 2020 (15.64 %) (39.41 %) (41.63 %)
Q4 2020 - - -
Q1 2021 - - -
Q2 2021 - - -
Q3 2021 - - -
Q4 2021 12.78 % (90.63 %) (94.64 %)
Q1 2022 22.32 % (214.51 %) (215.94 %)
Q2 2022 43.92 % (610.32 %) (607.25 %)
Q3 2022 133.59 % (3772.29 %) (3835.65 %)
Q4 2022 91.35 % - (6771.35 %)
Q1 2023 11.35 % (323.35 %) (327.34 %)
Q2 2023 (4.20 %) (125.72 %) (103.04 %)
Q3 2023 (2.12 %) (185.36 %) (137.53 %)
Q4 2023 (2.56 %) (185.12 %) (117.94 %)
Q1 2024 (4.02 %) (197.72 %) (104.28 %)
Q2 2024 (9.67 %) (110.05 %) (77.62 %)
Q3 2024 (12.45 %) (90.35 %) (72.22 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2015 134.37 (0.75) 0.00 0.95
Q2 2015 134.37 (0.74) 0.01 0.95
Q3 2015 134.37 (0.73) 0.02 0.94
Q4 2015 134.37 (0.74) 0.01 0.92
Q1 2016 134.37 (0.74) 0.01 0.90
Q2 2016 134.37 (0.75) 0.00 0.88
Q3 2016 134.37 (0.84) (0.03) 0.84
Q4 2016 134.37 (0.10) (0.05) 0.78
Q1 2017 134.37 (0.11) (0.06) 0.82
Q2 2017 134.37 (0.21) (0.07) 0.79
Q3 2017 134.37 (0.22) (0.07) 0.73
Q4 2017 134.37 (0.83) (0.07) 0.08
Q1 2018 134.37 (0.72) (0.07) 0.18
Q2 2018 134.37 (0.62) (0.05) 0.18
Q3 2018 134.37 (0.54) (0.04) 0.18
Q4 2018 163.05 0.04 (0.05) 0.41
Q1 2019 163.05 (0.09) (0.05) 0.36
Q2 2019 163.05 (0.11) (0.07) 0.34
Q3 2019 163.05 (0.10) (0.10) 0.35
Q4 2019 163.05 (0.16) (0.16) 0.25
Q1 2020 163.05 (0.11) (0.15) 0.33
Q2 2020 163.05 (0.16) (0.20) 0.26
Q3 2020 163.05 (0.15) (0.15) 0.21
Q4 2020 163.05 (0.08) (0.08) 0.17
Q1 2021 163.05 (0.10) (0.10) 0.15
Q2 2021 163.05 (0.04) (0.04) 0.14
Q3 2021 163.05 (0.07) (0.07) 0.13
Q4 2021 163.05 (0.09) (0.09) 0.08
Q1 2022 163.05 (0.11) (0.11) 0.05
Q2 2022 194.40 (0.12) (0.12) 0.87
Q3 2022 194.40 (0.14) (0.10) 0.84
Q4 2022 194.40 (0.11) (0.09) 0.82
Q1 2023 194.40 (0.09) (0.08) 0.81
Q2 2023 194.40 (0.05) (0.04) 0.81
Q3 2023 194.40 (0.07) (0.09) 0.77
Q4 2023 194.40 (0.08) (0.08) 0.74
Q1 2024 194.40 (0.07) (0.07) 0.75
Q2 2024 194.40 (0.11) (0.11) 0.70
Q3 2024 194.40 (0.09) (0.09) 0.68

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2015 NEG More than 100 6.01
Q2 2015 NEG More than 100 6.30
Q3 2015 NEG More than 100 4.74
Q4 2015 NEG More than 100 5.01
Q1 2016 NEG More than 100 5.73
Q2 2016 NEG NEG 5.30
Q3 2016 NEG NEG 3.59
Q4 2016 NEG NEG 5.30
Q1 2017 NEG NEG 4.59
Q2 2017 NEG NEG 4.24
Q3 2017 NEG NEG 5.09
Q4 2017 NEG NEG 21.25
Q1 2018 NEG NEG 17.87
Q2 2018 NEG NEG 15.47
Q3 2018 NEG NEG 14.24
Q4 2018 More than 100 NEG 10.14
Q1 2019 NEG NEG 10.11
Q2 2019 NEG NEG 10.13
Q3 2019 NEG NEG 8.57
Q4 2019 NEG NEG 12.37
Q1 2020 NEG NEG 6.78
Q2 2020 NEG NEG 9.93
Q3 2020 NEG NEG 18.52
Q4 2020 NEG NEG 31.09
Q1 2021 NEG NEG 39.48
Q2 2021 NEG NEG 38.40
Q3 2021 NEG NEG 43.59
Q4 2021 NEG NEG 58.60
Q1 2022 NEG NEG 128.53
Q2 2022 NEG NEG 4.00
Q3 2022 NEG NEG 4.52
Q4 2022 NEG NEG 3.77
Q1 2023 NEG NEG 4.09
Q2 2023 NEG NEG 4.25
Q3 2023 NEG NEG 3.89
Q4 2023 NEG NEG 3.81
Q1 2024 NEG NEG 3.65
Q2 2024 NEG NEG 3.58
Q3 2024 NEG NEG 4.05

Business Segments (Million)

Compared With The
Period Selling of goods Service Rendered Export Activities Medical Supplies Saudi for Industrial Exports - Jordan
Q3 2018 - - 55.68 - (4.15)
Q4 2018 - - 26.51 - -
Q3 2019 - - 21.77 - -
Q4 2019 - - 22.33 - -
Q1 2020 - - 11.34 - -
Q2 2020 - - 14.28 - -
Q3 2020 - - 8.02 1.38 -
Q1 2021 - - 7.90 - -
Q2 2021 - - 4.24 0.13 -
Q3 2021 - - 3.32 - -
Q4 2021 - - 0.33 - -
Q1 2022 - 0.06 - - -
Q2 2022 - 0.04 - - -
Q3 2022 - 0.08 - - -
Q4 2022 - 0.06 - - -
Q1 2023 4.31 0.02 - - -
Q2 2023 2.79 0.04 - - -
Q3 2023 5.46 - - - -
Q1 2024 3.91 - - - -
Q2 2024 18.82 - - - -
Q3 2024 0.25 - - - -


Financial Ratios
Current
Market Cap (M Riyal) 470.45
Enterprise Value (EV) (M) 369.27
Shares Outstanding ((M)) 194.40
EPS ( Riyal) (TTM) (0.09)
Book Value (BV) ( Riyal) 0.68
Par Value ( Riyal) 1.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 3.56
Return on Average Assets (%) (TTM) (11.50 )
Return on Average Equity (%) (TTM) (12.12 )
more

Share Price

Saudi Industrial Export Co.
2.42
0.02 0.83 %

Saudi Industrial Export Co. (SIECO)

More

Comments {{getCommentCount()}}

Be the first to comment

{{Comments.indexOf(comment)+1}}
{{comment.FollowersCount}}
{{comment.CommenterComments}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}} حساب موثّق

{{comment.ElapsedTime}}
loader Train
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.